Value Extraction and Insertion
Value extraction and insertion enable time and tax accumulation to be leveraged on a larger scale within the OWY ecosystem, enhancing their functionality and impact.
Last updated
Value extraction and insertion enable time and tax accumulation to be leveraged on a larger scale within the OWY ecosystem, enhancing their functionality and impact.
Last updated
Whenever values are extracted or inserted, the OWY account is updated accordingly. The extracted values are converted to OTW and OTA tokens, with users able to specify the amount for conversion. When tokens are inserted back into the account, they undergo the same calculation process to revert to their original value, making them ready for OWY transactions. Both extraction and insertion can be performed using two methods.
Direct value extraction and insertion methods are straightforward. The owner of OWY simply extracts the value associated with their OWY tokens(time) and their OWY account (tax), tokenizing them into fungible tokens. The account is updated accordingly, and the tokens then- become independent of the OWY account.
The second method is delegation, which involves approving access to extract value from the account. This requires signing an approval to grant permission for value extraction, though no approval is needed for insertion. Dedicated approval functions, including a separate permit function, have been specifically designed to manage this process. We believe this approach can unlock new integration possibilities, enhancing the use cases of value tokens and the OWY economy.
Both methods are modeled after the ERC-20 transfer and transferFrom functions. Instead of granting access to the OWY tokens themselves, those who approve value transfers are only permitting access to the value associated with their OWY tokens. However, this feature should be used with caution, as these values are integral to the user's productivity and savings, and therefore highly valuable.
